---
# System prepended metadata

title: 'Maker Relay #38'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #38

![](https://imgur.com/lBqt39N.png)

_Thanks for checking out Maker Relay! Whether you hold MKR or DAI, own a vault, or want to get more involved in MakerDAO governance, this is your one-stop-shop for MakerDAO updates._

## Votes

_Visit our [Participation Tools page](https://community-development.makerdao.com/en/learn/governance/participate) for protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data._

### Executive Vote

[Increase Debt Ceilings, Modify Risk Parameters](https://vote.makerdao.com/executive/increase-debt-ceilings-modify-risk-parameters?network=mainnet#proposal-detail)
If this Executive Vote passes:

- Surplus Lot Size `bump` parameter will be increased from 10,000 DAI to 30,000 DAI.
- The Debt Floor `dust` parameter for ETH-B will be increased from 2,000 DAI to 15,000 DAI.
- UNIV2DAIETH-A will be enabled on the Debt Ceiling Instant Access Module with the following parameters:
	- Maximum Debt Ceiling: 30 million DAI
	- Target Available Debt: 5 million DAI
	- Ceiling Increase Cooldown: 12 hours
- UNIV2USDCETH-A will be enabled on the Debt Ceiling Instant Access Module with the following parameters:
	- Maximum Debt Ceiling: 50 million DAI
	- Target Available Debt: 5 million DAI
	- Ceiling Increase Cooldown: 12 hours
- UNIV2DAIUSDC-A will be enabled on the Debt Ceiling Instant Access Module with the following parameters:
	- Maximum Debt Ceiling: 50 million DAI
	- Target Available Debt: 10 million DAI
	- Ceiling Increase Cooldown: 12 hours

### Governance Polls

*Some polls use [instant run-off voting](https://en.wikipedia.org/wiki/Ranked_voting), so you can select multiple options, and ranked-choices will be prioritized.*

| Poll Name | Vote | Discussion | Type |
| --------- | ---- | ---------- | ------- |
| Increase Debt Ceiling for YFI-A from 45 to 75 Million Dai | [Vote](https://vote.makerdao.com/polling/QmQW5iXw?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjust-yfi-a-dc-iam-line/7055) | Debt Ceilings |
| Increase Debt Ceiling for ZRX-A from 5 to 10 Million Dai | [Vote](https://vote.makerdao.com/polling/QmQf3M48?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjust-zrx-a-dc-iam-line/6993) | Debt Ceilings |
| Increase Debt Ceiling for COMP-A from 10 to 30 Million Dai | [Vote](https://vote.makerdao.com/polling/QmU1YX41?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjust-comp-a-dc-iam-line/6992) | Debt Ceilings |
| Increase Debt Ceiling for PSM-USDC-A from 1 to 2 Billion Dai | [Vote](https://vote.makerdao.com/polling/QmUsKRJj?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjust-psm-usdc-dc/7072) | Debt Ceilings |

### Active Signal Requests

- [Adjust the Surplus Buffer (March/April 2021)](https://forum.makerdao.com/t/signal-request-adjust-the-surplus-buffer-march-april-2021/6979)
According to the Risk Team, we still have a couple of weeks until the Surplus Buffer is reached, but we want to be at least 2% (of Surplus Buffer/total DAI ratio).
- [Petition Letter to A16z](https://forum.makerdao.com/t/signal-request-petition-letter-to-a16z/7181)
Following-up to this thread: [Proposal: Petition Letter to A16z](https://forum.makerdao.com/t/proposal-petition-letter-to-a16z/7025/) with a link to the current draft of the [Petition](https://bafybeies2vgpzxnrrc7i76wuefswn2tnnqboqzckpnognfklfhkit2x5ry.ipfs.dweb.link/)

### Last Week

[Approve March 2021 Governance Cycle Bundle](https://vote.makerdao.com/executive/approve-march-2021-governance-cycle-bundle?network=mainnet#proposal-detail)
**Passed** on Mar 25, 2021, 08:33 UTC. 
**Executed** on Mar 27, 2021, 08:34 UTC.
- The Core Unit Framework MIP set has passed. Included: MIP 38, 39, 40, 41, as well as MIP4c2-SP10 and MIP4-c2SP12
- The Real-World Finance Core Unit set has passed. Included: MIP39c2-SP1, 40c2-SP1, and 41c4-SP1
- The Risk Core Unit set has passed. Included: MIP39c2-SP2, 40c2-SP2, 41c4-SP2
- The Governance Core Unit set has passed. Included: MIP39c2-SP3, 40c2-SP3, 41c4-SP3
- The Keg Streaming Module MIP set has passed. Included: MIP34 and MIP48.
- MIP43: Term Lending Module has moved to Accepted status.
- MIP45: Liquidations 2.0 has moved to Accepted status.
- MIP46: Parameter Proposal Groups has moved to Accepted status.
- MIP47: MakerDAO Multisignature Wallet Management has moved to Accepted status.

#### Community Greenlight Polls

The greenlight polls **closed** on March 29 at 16:00 UTC.

| Collateral | MIP9 Poll   | MIP6 Application | Result |
| ---------- | ----------- | ---------------- | ------ |
| SNX (Synthetix) | [Vote](https://vote.makerdao.com/polling/QmbageWV?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/snx-mip6-collateral-onboarding-application/6497) | Passed |
| sUSD (Synthetix USD) | [Vote](https://vote.makerdao.com/polling/QmfA2gaW?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/susd-mip6-collateral-onboarding-application/6555)  | Passed |
| aAAVE (Aave AAVE) | [Vote](https://vote.makerdao.com/polling/QmTrbBEV?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/aaave-mip6-collateral-onboarding-application-for-aaave/6588)  | Passed |
| aWETH (Aave wETH) | [Vote](https://vote.makerdao.com/polling/QmVBGusc?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/aweth-mip6-collateral-onboarding-application-for-aeth/6589)  | Passed |
| SolarX (Uprets/SolarX REIT) | [Vote](https://vote.makerdao.com/polling/QmeAHrDb?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/solarx-mip6-application-uprets-solarx-industrial-real-estate-backed-loans/6718)  | Passed |
| xSUSHI (Sushibar) | [Vote](https://vote.makerdao.com/polling/Qmdkrgon?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/xsushi-mip6-collateral-onboarding-application/6541)  | Passed |
| SB-BFDC (SolidBlock Beach Front Digital Coin) | [Vote](https://vote.makerdao.com/polling/QmXsUuLA?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/sb-bfdc-mip6-application-own-and-trade-a-piece-of-paradise-with-this-beachfront-hotel-in-phuket-thailand-managed-by-best-western-plus-a-solidblock-offering/6778)  | Passed |
| CurveLP-cDAI-cUSDC (Curve cDAI-cUSDC Liquidity Token) | [Vote](https://vote.makerdao.com/polling/QmfX8Kmu?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/curvelp-cdai-cusdc-mip6-collateral-onboarding-application/6682)  | Passed |
| CurveLP-renBTC-WBTC (Curve renBTC-WBTC Liquidity Token) | [Vote](https://vote.makerdao.com/polling/QmbcueDJ?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/curvelp-renbtc-wbtc-mip6-collateral-onboarding-application/6680)  | Passed |

_Check out an 'at-a-glance' view of the current Vault types and their parameters on [MakerBurn](https://makerburn.com/#/rundown)_

## Updates

### MIPs

For the latest news on MIPs, check out the [Weekly MIPS Update #31](https://forum.makerdao.com/t/weekly-mips-update-31/7232).

#### Submission Highlight
 
Strategic Marcomms Core Unit, CPM-001

- [Mandate](https://forum.makerdao.com/t/mip39c2-strategic-marcomms-core-unit/7189)
- [Budget](https://forum.makerdao.com/t/mip40c3-spx-strategic-marcomms-core-unit-budget-framework/7190) 
- [Facilitator Onboarding](https://forum.makerdao.com/t/mip41c4-facilitator-onboarding/7191)

*The Maker Improvement Proposal (MIPs) Framework provides a clear Maker governance process to change the Protocol as needed. Learn more about [Maker Improvement Proposals (MIPs)](https://forum.makerdao.com/c/MIPs/14)*

### Smart Contracts

- Collateral onboarding still on hold to prioritize [Liquidations 2.0.](https://forum.makerdao.com/t/mip45-liquidations-2-0-liq-2-0-liquidation-system-redesign/6352) We're pushing the final Kovan deployment to the 31st, with mainnet launch and LINK-A support targeted for April 9th's executive. 
- Working with Centrifuge on [MIP 22](https://forum.makerdao.com/t/mip22-centrifuge-direct-liquidation-module/3930) will be deploying to Kovan next week.
- Working on a framework for tokens with fees could lead to onboarding tokens like PAXG.
- Auditors(ABDK) engaged for work on a more generalized version of the CropJoin adapter.

### Risk

- [LINK-A Liquidations 2.0 Parameters](https://forum.makerdao.com/t/link-a-liquidations-2-0-parameters/7180)
LINK-A is being chosen as a test candidate for Liquidations 2.0. This thread lists the proposed liquidation parameters for the LINK-A vault.
- [Gauntlet's Auction Assessment](https://forum.makerdao.com/t/gauntlets-auction-assessment/7177) | [Actual Report](https://maker-report.gauntlet.network/)
The simulation's goal was to optimize the Liquidations 2.0 parameters, which form the Dutch Auction pricing curve. They then compare the optimized Liquidations 2.0 system performance to the current Liquidations 1.2 system. Key metrics tested are auction throughput, risk, and slippage.

### Real-World Finance

- New Silver will be on-chain soon! 
Check out the [collateral onboarding application for NS-DROP](https://forum.makerdao.com/t/ns-drop-collateral-onboarding-risk-evaluation/5418)
- Sebastien Derivaux made a [budget dashboard simulator.](https://forum.makerdao.com/t/discussion-core-unit-budget-incentives-and-vesting/7102/20)
It's a simulator where you can add more Core Units to see what happens if you increase targets, Dai in circulation, leverage ratio, how much MKR token you want to give to all the team, and the split between teams. It's a simulator, so you can fork it as much as you want and make changes.

### Oracles

- Eyeing the [Uniswap v3 announcement](https://uniswap.org/blog/uniswap-v3/) to work through some of the math on LP tokens and understand the changing landscape.
- Working on Oracles Core Unit, targeting May 1st submission, TBD.

## Current Events

### Uni-LP Tokens Start Getting Larger Debt Ceilings

After a successful audit on the UNIv2 LP oracles, the Oracle and Risk teams have cleared them for larger Debt Ceilings. This week's Executive Vote will be the first increases if passed.

### The MakerDAO Community Art Contest

Artists are [given a chance to win Dai and have some featured artwork at MakerDAO](https://community-development.makerdao.com/en/contribute/contest) by creating a visual artwork based on one of the original [MakerDAO Core Principles.](https://community-development.makerdao.com/en/learn/MakerDAO/core-principles/) 

### Call For Proposal Framework

[Call for Proposals (CFPs)](https://forum.makerdao.com/t/call-for-proposals-cfps/7164) is an experimental framework from the Operational Support domain. The goal is to further nurture high-level needs from the MakerDAO community, build potential Facilitator candidates in a pipeline, and offer an opportunity for crowdsourcing the best solutions. Anyone can submit a “Call for Proposals,” which signals roles or initiatives looking for organizers or leads. 

The first [Call For Proposals: Grants](https://forum.makerdao.com/t/call-for-proposal-grants/7166) has gone live!
z
## State of the Peg

![Peg](https://i.imgur.com/Dgv2xmC.png)

- DAI peg so close to par in the past 24 hours. 1.00052

![VWAP](https://i.imgur.com/FcA0Vpn.png)

- Volume at around $527 million this last week. 
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.002 with peaks at 1.003 and lows at 1.00046.

![Dai Supply](https://i.imgur.com/35bYQak.png)

![Dai SUpply 2](https://i.imgur.com/qJo7nJm.png)

- Dai supply crossed the 3 billion mark. 🥳 With PSM, WBTC, and ETH-C rising quickly this week.
- ETH-A 1.368 billion
  - USDC-A 314 million
  - WBTC 356 million
  - PSM USDC 651 million 
  - ETH-B 50 million
  - LINK 39 million
  - YFI 37 million
  - TUSD 26 million
  - PAX 19 million
  - UNI 10 million
  - ZRX 4.8 million
  - AAVE 1.983 million
  - Uni LPs (except LINK, AAVE, WBTC<>ETH, and DaiUSDT pairs) at 3 million cap
  - BAT 2.4 million
  - LRC 1.485 million
  - MANA 1.135 million
  - renBTC 1.2 million
- Other vaults below 500K (BAL, GUSD, KNC<>USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt, COMP) at 800,381.
ETH-A, ETH-B, and ETH-C vaults are dominated by one large vault, but the distribution is pretty even after those singular positions.

![Eth-C vault positions](https://i.imgur.com/VaDjrVd.png)

- ETH-C is a good example. The positions step down from one large vault, and the `ilk`(Vault type) is growing fast. 

![Liquidations ETH C at 583](https://i.imgur.com/ZIVjRCQ.png)

- You can already guess that for ETH-C vaults, ETH price would have to crater to $577 for liquidations to get troublesome.
    
![Price drop page](https://i.imgur.com/IPqwhm1.png)

- Thanks to @primoz, we [can get granular](https://maker.blockanalitica.com/) on price drop impacts.

![21 percent price drop](https://i.imgur.com/x3Jmert.png)

- At 21% down, ETH-A starts to accelerate alongside ETH-C in green, and WBTC in the lighter purple. Cascading liquidations are an industry-wide issue. Liquidations 1.2 and 2.0 include mechanisms that mitigate the shock to MakerDAO. That being said, the collateralization is well balanced for these vault types.

![Dai deposited in AMMs](https://i.imgur.com/nVYMRqO.png)

- Most DAI out in the wild is in Compound, Curve, Sushiswap, or Uniswap.

https://daistats.com | http://dai.descipher.io | https://makerburn.com

## Community

### Articles

[*Throwback:* MakerDAO Pitches DeFi to the Masses at CES 2020](https://www.coindesk.com/makerdao-pitches-defi-to-the-masses-at-ces-2020)

### Maker Forum Deep Dai-ve

- [Should we burn the admin keys? An argument for minting MKR](https://forum.makerdao.com/t/should-we-burn-the-admin-keys-an-argument-for-minting-mkr/7175)
_Juan starts a discussion thread about the positive case for minting MKR to fuel growth and how the DAO should decide on an overarching framework._
- [It’s here! 97 Initiatives from the MakerDAO Community 
](https://forum.makerdao.com/t/its-here-97-initiatives-from-the-makerdao-community/7151) _Amy presents a community resource capturing the many projects in the Maker ecosystem._
- [Emerging global AML/KYC framework and DeFi (and Maker)](https://forum.makerdao.com/t/emerging-global-aml-kyc-framework-and-defi-and-maker/7104)
@jacek raises the issue of KYC regulations as they relate to MakerDAO.
- [Call for Proposal: Grants](https://forum.makerdao.com/t/call-for-proposal-grants/7166)
Propose a “case study” for a MakerDAO grants program, including a vision for a grants program, Goals in the first 3 months and expected results (how it would be measured), Approximate program budget, Overview of operational setup (how it would be managed), Challenges the program may face.

### Tweet of the Week

https://twitter.com/nomos_paradox/status/1376610517872046080

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- This week, we facilitate a deep dive into options for [Improving the Governance Cycle](https://forum.makerdao.com/t/announcing-the-optimism-dai-bridge-with-fast-withdrawals/6938)
Tuesdays at 16:00 UTC | [Join Details](https://www.crowdcast.io/e/the-makerdao-community-35)

#### Governance Issue Discussion Call

- Framing a Framework for MKR Compensation
Wednesday at 17:00 UTC | [Join Details](https://forum.makerdao.com/t/framing-a-framework-for-mkr-compensation-wednesday-march-31-17-00-utc/7200)

#### Community Collateral Onboarding

- Wednesday, April 7 18:00 UTC - [Collateral Onboarding Call #29: Bancor](https://forum.makerdao.com/t/collateral-onboarding-call-29-bancor-wednesday-april-7-18-00-utc/7054) 
- Wednesday, April 14 17:00 UTC - [Collateral Onboarding Call #30: SolidBlock](https://forum.makerdao.com/t/collateral-onboarding-call-30-solidblock-wednesday-april-14-17-00-utc/7052)
    - [Introduction](https://forum.makerdao.com/t/collateral-onboarding-call-bi-weekly-on-wednesday-at-17-00-utc-19-00-cet-10am-pst/3614) | [Collateral Status Index](https://forum.makerdao.com/t/collateral-status-index/2231)

#### Governance & Risk

- Thursdays at 16:00 UTC | [Zoom](https://zoom.us/j/697074715) 
    - Message [#governance-and-risk](https://chat.makerdao.com/channel/governance-and-risk) for Admission
    - [Agenda](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-135-thursday-april-1-17-00-utc/7206) | [Dial-in call link](https://zoom.us/) | [Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk@group.calendar.google.com&ctz=America/Los_Angeles)
    - [Archives](https://forum.makerdao.com/c/governance/gnr/8) | [Contributing](https://chat.makerdao.com/channel/governance-and-risk)

### Community Events

- Apr 6: [WEF Global Technology Governance Summit 2021n Week Summit](https://www.pbwsummit.com/)
- Apr 20: [FWA - Demystifying DeFi: The Story of 2021](https://www.fwa.org/events/event_details.asp?legacy=1&id=1504386)

## Useful Links

[Public Google Calendar](https://calendar.google.com/calendar/u/0?cid=bWFrZXJkYW8uY29tXzNlZmhtMmdoaXBrc2VnbDAwOWt0bmlvbWRrQGdyb3VwLmNhbGVuZGFyLmdvb2dsZS5jb20)
Subscribe to this calendar for Votes and Public Calls.

[Forum](https://forum.makerdao.com) and [Maker Chat](https://chat.makerdao.com)
Discuss and debate MakerDAO.

[Participation Tools](https://community-development.makerdao.com/en/learn/governance/participate)
Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auction data.

[Governance Portal](https://makerdao.com/en/governance)
Voting dashboard for MKR voters.

[Learning Portal](https://community-development.makerdao.com/en/learn/) and [Technical Documentation Portal](https://docs.makerdao.com/)
Learn more about the Maker protocol.

### Have Feedback? 

We value your input! Take our [survey](https://forms.gle/Z2QAgywU2Sesm7Vy6) to let us know what we might be missing or how we can do better.

*Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does and should not serve as financial advice or an inducement to vote in any specific way. This update is purely for informative and for communications purposes only.*
